Q2 Crypto Profits: MicroStrategy $10B BTC Gain & Coinbase
Q2 crypto earnings highlight significant gains and sector shifts. MicroStrategy posted $14.0B in revenue and $10.0B net profit, driven by unrealised Bitcoin fair value gains, raising its BTC holdings to 628,791. Coinbase’s revenue fell 26% to $1.50B, yet it delivered $1.43B net profit thanks to a $1.5B gain from its Circle investment and $362M in crypto gains, as core trading fees lagged.
Stablecoin issuer Tether reported a $4.9B net profit, supported by $1.27T in US Treasuries and $89B in Bitcoin reserves. Robinhood’s revenue reached $989M, with crypto trading revenue up 98%, lifting net profit to $386M. Kraken saw revenue slip to $412M and adjusted EBITDA drop to $80M amid slower trading volumes; it plans to expand into stock and derivatives services and pursue a 2026 IPO. Riot Platforms doubled revenue to $153M, mined 1,426 BTC and posted $219.5M net profit.
These crypto earnings reflect a broader industry trend from single-source trading fees toward diversified financial services, tokenized assets and derivatives. Traders should watch Bitcoin yield strength, firms’ regulatory adaptability and market volatility for potential trading opportunities.
Bullish
The strong Q2 crypto earnings, led by MicroStrategy’s massive Bitcoin gains and resilient profits at Coinbase, signal healthy demand and accumulation of BTC, which can drive short-term price momentum. Tether’s large reserves improve market stability, while Robinhood’s and Riot’s robust results underscore continued retail and mining interest. Although trading volumes slowed at Kraken, its diversification plan and planned IPO reflect confidence in long-term growth. Overall, these developments are likely to support a bullish outlook for Bitcoin.